Apparel maker V-F says it's buying two fashion companies for a combined 885 million dollars in a move to help fuel growth in a stagnant retailing environment.
V-F announced that it's buying Seven for All Mankind and Lucy active-wear.
In a news release, the Greensboro-based company says the acquisitions will be financed through existing cash, borrowings under its existing credit facility and the placement of long-term debt. Both acquisitions are expected to be completed by the end of August.
V-F says it's acquiring the Los Angeles-based Seven For All Mankind for 775 million dollars. The brand, known as 7 For All Mankind, is one of the nation's top-selling high-end denim labels that's sold in upscale stores.
In a separate deal, V-F is purchasing Lucy, a rapidly growing women's active-wear brand, for 110 million dollars. Founded in 1999, the Lucy brand is sold through 50 retail stores and on-line.
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